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vnastasi · Joined: 06 Apr 2009 Posts: 1 1.32 Dollars($)

Hello
A dear friend has a home in fl, she is the only one on the mtge, there are 5 others inlcuding herself on the deed. She needs to get "rid" of this home. It is presently rented, the tenants do not wish to purchase the home. My friend cannot keep up with this house any longer. The other couple on the deed are in no hurry to help out here. what can she do? short sale? Due to current market cond. in Fl. the house will not sell right away. What do you suggest.

billjames · Joined: 27 Mar 2009 Posts: 66 16.56 Dollars($)

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

1.Call the Lender
2.Submit Letter of Authorization
3.Preliminary Net Sheet
4.Hardship Letter
5.Proof of Income and Assets
6.Copies of Bank Statements
7.Comparative Market Analysis
8.Purchase Agreement

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One person on mtge./ total of four on deed, need help